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RECEIVED
~ t,l CfhltI,,!TY CLERK
LINGO
SUBORDINATION AGREEMENT
WHEN RECORDED MAIL TO:
MSN SV-79/DOCUMENT CONTROL DEPT.
P.O. BOX 10266
VAN NUYS CALIFORNIA 91410-0266
LOAN #: 2536717 -. .,. ,
ESCROW/CLOSING#:
SPACE ABOVE FOR RECORDERS USE
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE
PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME
OTHER OR LATER SECURITY INSTRUMENT.
sUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this Eleventh day of June, 2003, by Countrywide
Home Loans, Inc. ("Subordinated Lienholder"), with a place of business at 4500 PARK GRANADA,
CALABASAS, CA 91302-1613.
WHEREAS, JON D. PITTMAN and MARY ANN PITTMAN executed and
delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security
Instrument") in the sum of $27,000.00 dated 04/03/2002 , and recorded in Book Volume 493R, Page_274, as
Instrument No. n/a, in the records of LINCOEN County, State of WY, as security for a loan (the "Existing and
Continuing Loan"), which Existing and Continuing Security Instrument is a valid and existing lien on the real
property located at 200 Birch Creek Co. Road //159, Etna, WY 83118 and further described on Exhibit "A,"
attached.
WHEREAS, JON D. PITTMAN and MARY ANN PITTMAN ("Borrower") executed and delivered to
The Jackson State Bank & Trust, ("Lender"), a deed of trust/mortgage in the sum of $190,000.00, which deed of
trust/mortgage (the "New Security Instrument") is intended to be recorded.herewith in the records of LiNCOLN
County, State ofWY as security for a loan (the "New Loan"); Xrecorded -in Book 523t Page
WHEREAS, it is a condition precedent to obtaining the New Loan that the lien of the New Loan shall
unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and
superior to the lien of the Existing and Continuing Loan; and
WHEREAS, Lender is willing to make said loan provided the lien securing the New Loan is a lien or
charge upon the described property prior and superior to the lien of the Existing and Continuing Loan and
provided that Subordinating Lender will specifically and unconditionally subordinate the lien of the Existing and
Continuing Loan to the lien of the New Loan; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Borrower; and
Subordinating Lender is willing that the lien securing the New Loan shall, when recorded, constitute a lien or
charge upon said land which is unconditionally prior and superior to the lien securing the Existing and Continuing
Loan.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other
valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to
induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows:
(I) That the New Security Instrument, and any renewals or extensions thereof, shall unconditionally be
and remain at all times a lien or charge on the property therein described, pr/or and superior to the Existing
and Continuing Security Instrument.
(2) That Lender would not make the New Loan without this subordination agreement.
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(3) That this agreement shall be the whole and only agreement with regard to the subordination of
the Existing and Continuing Security Instrument to the New Security Instrument and shall supersede and
cancel, but only insofar as would affect the priority between the security instruments hereinbefore
specifically described, any prior agreements as to such subordination including, but not limited to, those
provisions, if any, contained in the Existing and Continuing Security Instrument above mentioned, which
provide for the subordination of the lien to another security instrument, deed of trust or mortgage.
Subordinating Lender declares, agrees and acknowledges that
(a) It consents to and approves (i) all provision of the note and New Security Instrument in favor of
Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow
agreements, between Borrower and Lender for the disbursement of the proceeds of the New Loan;
(b) Lender making disbursements pursuant to any such agreement is under no obligation or duty to, nor
has Lender represented that it will, see to the application of such proceeds by the person or persons to
whom Lender disburses Such proceeds and any application or use of such proceeds for purposes other than
those provided for in such agreement or agreements shall not defeat the subordination herein made in
whole or in part; and
(c) It intentionally and unconditionally waives, relinquishes and subordinates the hen of the Existing and
Continuing Security Instrument in favor of the lien or charge upon said land of the New Security
Instrument and understands that in reliance upon, and in consideration of, this waiver, relinquish and
subordinate specific loans and advances are being and will be made and, as part and parcel thereof,
specific monetary and other obligations are being and will be entered into which would not be made or
entered into but for said reliance upon this waiver, relinquishment and subordination.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOW THE
PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF
WHICH IvlAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
Coun~ jde Home Loans, Inc.
l~ebbie Bragdon'f~Assista/~ Secretary
CERTIFICATE OF ACKNOWLEDGMENT
STATE OF CALIFORNIA
COUNTY OF VENTURA
SS.
On this I O'IA day of ~k.x_ix0 9... ,2003, before me, Bruce A. Cassel, Notary
Public, personally appeared Debbie Bragdon, personally known to me to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their Signature(s) on the instrument the person(s), or entity upon behalf of which
the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Bruce A. Cassel
Notary Public - Commission No. 1241015
Commission Expires: Nov 17, 2003
EXHIBIT "A"
The east 700 feet of that tract of record in the Office of the Clerk of
Lincoln County in Book 463PR on page 430 within GLO Lot 3 and GLO Lot 4
of Section 1, T35N Rll9W of the 6th P.M., Lincoln County, Wyoming,
identical with Parcel C-Amended as shown on Plat No. llSH, Instrument
No. 871761 of record in said office, secondarily described as follows:
BEGINNING at the NortheaSt point of maid tract, N 89~58'55'' E, 1581.45
feet from the northwest corner of .said GLO Lot 4;
thence S 00°30'40'' W, 824.61 feet, along the east line of said
'tract, to the southeast 'point thereof;
thence S 89058'55'' W, 700 feet, along the soUth line of said tract;
thence N 00030'40'' E, 824.61 feet, along a line parallel with the
east line of said tract, to the north line of said tract;
thence N 89°58'55'' E, 700 feet, along said north line, the POINT OF
BEGINNING.